Thursday, May 10, 2012

Natural Gas Sideways Ahead of EIA Storage Report

The front month futures are off .003 at 2.462.
This could be the first injection "beat" in five weeks and a lot of folks are thinking of fading the report.
From Platt's via CBS:
The Energy Department is expected to report on Thursday that the nation's natural gas supplies grew by 31 billion to 35 billion cubic feet in the week ended May 4, according to a survey of analysts by Platts, the energy information arm of McGraw-Hill Cos.

A build of that size would be below the 71 billion cubic feet put in storage in the same week a year ago and less than the five-year average addition of 84 billion cubic feet. The nation's gas reserves remain well above average because of strong production and relatively weak demand.

The Energy Information Administration releases its weekly report at 10:30 a.m. EDT.